Answer: This is the biggest concern for most bankruptcy filers. They want to know when their credit score will return to normal.
Of course, the first step is to remove the mountain of debt. By destroying credit card debt, medical bills and other unsecured obligations through bankruptcy, your debt to income ratio should improve substantially.
After your bankruptcy is over, credit issuers begin to look at you differently. They now consider you a better credit risk because you don’t have a bunch of angry creditors waiting in line to get paid. They assume you were serious enough to take care of the debt problem and are now in a position to rebuild your credit.
Credit issuers also know that you’re not allowed to file a Chapter 7 bankruptcy again for another 8 years. The way banks and credit card companies think, this improves the likelihood you’ll repay a new obligation because a second bankruptcy is not an option.
While time is an important factor in rebuilding your credit, there are many additional steps you can take to help speed up the credit restoration process.
Being the only RI bankruptcy attorney who is trained as a CERTIFIED FINANCIAL PLANNER, I can educate you on how to approach a 720 credit score in 12 – 24 months after your discharge.
Don’t hire a cheap bankruptcy lawyer who only solves half your problem and leaves you on your own to figure out how to rebuild your credit. Most bankruptcy lawyers, even the good ones, know very little about helping you regain your credit after bankruptcy.
I can help you destroy your debt AND give you the tools to restore your credit in 12 – 24 months.